Back in late August, news broke that the SEC was reviewing nine earlier rejected Bitcoin (BTC) ETFs. What happened is that the rejections were as a result of the Commission delegating some tasks to its staff. The staff had acted on behalf of the Commission and followed through with rejecting the 9 Bitcoin ETFs. However, due to additional rules at the regulatory body, the Commission has the power to review such ‘delegated’ decisions.
Confusion that the SEC Deadline Was the 26th October
Soon after the SEC Commission announced that it was reviewing the 9 BTC ETFs, news spread like wild fire that they had set a new deadline of October 26th. This date was believed by many as when the SEC would decide the fate of the 9 proposed rule changes. However, this was not the case.
November 5th: Actual Deadline for Comments
Further scrutinizing the supporting documents provided by the SEC announcing the review of the ETF proposals by Direxion (5), GraniteShares (2) and ProShares (2), we find that they all have a November 5th deadline for all concerned parties to comment on the ETFs. The common statement on all these documents is as follows:
Accordingly, IT IS ORDERED, pursuant to Commission Rule of Practice 431, that by November 5, 2018, any party or other person may file a statement in support of, or in opposition to, the action made pursuant to delegated authority.
Announcement Could Come Any Time After the 5th
Given that the actual deadline for comments is November 5th, we can assume that the SEC will make an announcement any time soon after the quoted date.
In conclusion, the SEC is set to make a ruling on the 9 aforementioned pending Bitcoin ETF applications. Observing that November 5th is the last date for any concerned party to file comments regarding the ETFs, we can assume that the SEC will make an announcement soon after. Therefore, crypto traders are advised to factor this in when planning their weekly trading strategies.